Conservative Portfolio Fund (PSG) - Home - IATSE 212 Fund Reports.pdf · Portfolio Solutions Group...

The Great-West Life Assurance Company and key design are trademarks of The Great-West Life Assurance Company, used under licence by London Life and Canada Life. The fund operating expenses shown do not include applicable taxes. The indicated fund performance refl ects changes in unit value and reinvestment of all distributions and is after deduction of all fund operating expenses and applicable taxes, but before deduction of investment management fees and applicable taxes. The historical performance shown is that of the London Life segregated fund or the underlying third-party fund. Past performance is not indicative of future performance. For more information on the fund, call Access Line at 1-800-724-3402.

Fund factsas at December 31, 2015Fund code: LCOPOAsset class: Asset allocationAsset category: ConservativeFund inception date: March 2000Segregated fund size: $452.0 millionUnderlying fund: n/aUnderlying fund size: n/a

Total fund operating expenses2014 2013 2012

0.041% 0.041% 0.039%

Volatility meterRisk within all asset classes

Low High

Risk within fund asset classInvestment advisorPortfolio Solutions GroupWho is Portfolio Solutions Group?• Portfolio Solutions Group is a division

of The Great-West Life Assurance Company

• Responsible for managing asset allocation funds

• Over $21.00 billion in assets under management as of December 31, 2014

Investment management stylePortfolio Solutions Group builds and monitors asset allocation funds. Their objective is to maximize returns while minimizing risks. To achieve this they combine top-down modelling and bottom-up manager selection. Their top-down analysis provides insight into aggregate portfolio style drift, risk exposure and mandate gaps. Their bottom-up focus is on selecting managers who consistently add value by following a well-defi ned investment process.

Fund objectiveThe objective of this Fund is to provide regular income with low volatility. This Fund invests in other London Life funds. Its primary focus is on fi xed-income investments, but includes a small equity component to increase returns over longer time periods. Its target mix is 75% fi xed income and 25% equities.

Historical performance as at December 31, 2015This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 12.5% S&P/TSX Composite Index, 12.5% MSCI World Index, 75% FTSE TMX Canada Universe Bond Index

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000

$18,000

Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15

$17,890$17,075

� Fund* � Benchmark

Compound returns as at December 31, 20153 Mth 1 Year 2 Year** 3 Year** 4 Year** 5 Year** 10 Year**

Fund* 1.40% 4.08% 6.76% 6.39% 6.37% 6.80% 5.99%Benchmark 1.72% 3.93% 6.83% 6.10% 5.89% 5.84% 5.50%

** Stated on an annualized basis

Calendar year returnsYTD 2014 2013 2012 2011 2010

Fund* 4.08% 9.50% 5.65% 6.30% 8.55% 7.59%Benchmark 3.93% 9.82% 4.66% 5.24% 5.63% 8.48%

* Any performance shown prior to the fund’s inception date is that of the underlying fund and is considered representative of this fund’s performance.

Composition � Fixed income 75.0%

� Canadian equity 12.5%

� Foreign equity 12.5%

Top holdings as at December 31, 2015 Canadian Bond Fund (Portico) . . . . . . . . . . . . . . 20.0%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 15.0%Commercial Mortgage Fund (Portico) . . . . . . . . . 13.0%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 7.0%Canadian Bond Fund (Mackenzie) . . . . . . . . . . . 6.0%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 6.0%Unconstrained Fixed Income Fund (Mackenzie) 6.0%International Bond Fund (Brandywine) . . . . . . . . 5.0%Dividend Fund (GWLIM) . . . . . . . . . . . . . . . . . . . 3.5%Global Equity Fund (Setanta) . . . . . . . . . . . . . . . 3.5%Canadian Equity Fund (GWLIM) . . . . . . . . . . . . . 3.0%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 3.0%Global Infrastructure Equity Fund (London Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%Real Return Bond Fund (Portico) . . . . . . . . . . . . 3.0%U.S. Value Equity Fund (London Capital) . . . . . . 3.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Conservative Portfolio Fund (PSG)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: CADRTAsset class: Asset allocationAsset category: LifecycleFund inception date: October 2006Segregated fund size: $57.4 millionUnderlying fund: n/aUnderlying fund size: n/a


0.040% 0.039% 0.038%


Low High






Fund objectiveTo provide income while also allowing for longer-term capital appreciation. This Fund is appropriate for those who have reached their targeted retirement date. It emphasizes income, but provides an opportunity for growth.

Historical performance as at December 31, 2015This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 17.70% S&P/TSX Composite Index, 17.70% MSCI World Index, 64.60% FTSE TMX Canada Universe Bond Index

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000

$18,000

Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15

$16,972$16,160



Fund* 1.89% 4.47% 6.80% 6.92% 6.95% 6.90% n/aBenchmark 2.03% 4.09% 7.12% 6.91% 6.66% 6.12% n/a



Fund* 4.47% 9.17% 7.17% 7.04% 6.71% 7.43%Benchmark 4.09% 10.24% 6.50% 5.91% 3.96% 9.17%





Top holdings as at December 31, 2015 Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 23.5%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 21.6%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 9.5%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 8.0%Global Infrastructure Equity Fund (London Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0%Canadian Dividend Fund (GWLIM) . . . . . . . . . . . 5.7%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 5.0%International Bond Fund (Brandywine) . . . . . . . . 5.0%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 4.4%Canadian All Cap Value Fund (Mackenzie) . . . . 4.0%U.S. Dividend Fund (GWLIM) . . . . . . . . . . . . . . . 3.0%U.S. Value Equity Fund (London Capital) . . . . . . 2.3%International Growth Fund (Mackenzie) . . . . . . . 2.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Cadence Retirement Fund (PSG)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: LMOPOAsset class: Asset allocationAsset category: ModerateFund inception date: March 2000Segregated fund size: $489.2 millionUnderlying fund: n/aUnderlying fund size: n/a


0.041% 0.041% 0.039%


Low High






Fund objectiveThe objective of this Fund is to provide income while also allowing for longer-term capital appreciation. This Fund invests in other London Life funds. It emphasizes income, but provides an opportunity for growth, with lower volatility than the more aggressive profi le funds. Its target mix is 60% fi xed income and 40% equities.

Historical performance as at December 31, 2015This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 20% S&P/TSX Composite Index, 20% MSCI World Index, 60% FTSE TMX Canada Universe Bond Index

$9,000$10,000$11,000$12,000$13,000$14,000$15,000$16,000$17,000$18,000$19,000


$18,448$17,458



Fund* 1.83% 4.71% 7.32% 7.99% 7.82% 7.72% 6.31%Benchmark 2.17% 4.16% 7.25% 7.60% 7.25% 6.43% 5.73%



Fund* 4.71% 9.99% 9.33% 7.31% 7.34% 8.41%Benchmark 4.16% 10.43% 8.31% 6.21% 3.22% 9.47%





Top holdings as at December 31, 2015 Canadian Bond Fund (Portico) . . . . . . . . . . . . . . 18.0%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 14.0%Commercial Mortgage Fund (Portico) . . . . . . . . . 10.0%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 8.0%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 8.0%Dividend Fund (GWLIM) . . . . . . . . . . . . . . . . . . . 7.5%Canadian Bond Fund (Mackenzie) . . . . . . . . . . . 6.0%Global Equity Fund (Setanta) . . . . . . . . . . . . . . . 5.0%Canadian Equity Fund (GWLIM) . . . . . . . . . . . . . 4.5%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 4.0%Global Infrastructure Equity Fund (London Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0%International Bond Fund (Brandywine) . . . . . . . . 4.0%Unconstrained Fixed Income Fund (Mackenzie) 4.0%U.S. Value Equity Fund (London Capital) . . . . . . 3.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Moderate Portfolio Fund (PSG)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: LBAPOAsset class: Asset allocationAsset category: BalancedFund inception date: March 2000Segregated fund size: $1,383.2 millionUnderlying fund: n/aUnderlying fund size: n/a


0.041% 0.041% 0.040%


Low High






Fund objectiveThe objective of this Fund is to provide a balance between income and capital appreciation over the long term. This Fund invests in other London Life funds. It has been created for those investors who want a longer-term balance between portfolio growth and income at reduced volatility levels. Its target mix is approximately 60% equities and 40% fi xed income investments.


$9,000$10,000$11,000$12,000$13,000$14,000$15,000$16,000$17,000$18,000$19,000


$18,595$17,887



Fund* 3.07% 5.63% 7.67% 10.48% 10.05% 8.31% 6.40%Benchmark 2.76% 4.44% 7.79% 9.61% 9.07% 7.20% 5.99%



Fund* 5.63% 9.75% 16.32% 8.77% 1.62% 9.33%Benchmark 4.44% 11.24% 13.34% 7.48% 0.03% 10.75%





Top holdings as at December 31, 2015 Canadian Bond Fund (Portico) . . . . . . . . . . . . . . 13.0%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 10.0%Canadian Equity Fund (GWLIM) . . . . . . . . . . . . . 9.0%Global Value Fund (Mackenzie) . . . . . . . . . . . . . 8.0%Commercial Mortgage Fund (Portico) . . . . . . . . . 7.0%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 7.0%Dividend Fund (GWLIM) . . . . . . . . . . . . . . . . . . . 7.0%Global Equity Fund (Setanta) . . . . . . . . . . . . . . . 7.0%Canadian Bond Fund (Mackenzie) . . . . . . . . . . . 6.0%U.S. Value Equity Fund (London Capital) . . . . . . 5.0%International Bond Fund (Brandywine) . . . . . . . . 4.0%International Opportunity Fund (JPMorgan) . . . . 4.0%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 4.0%American Growth Fund (AGF) . . . . . . . . . . . . . . 3.0%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 3.0%International Equity Fund (Setanta) . . . . . . . . . . 3.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Balanced Portfolio Fund (PSG)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: LADPOAsset class: Asset allocationAsset category: AdvancedFund inception date: March 2000Segregated fund size: $778.3 millionUnderlying fund: n/aUnderlying fund size: n/a


0.042% 0.042% 0.041%


Low High






Fund objectiveThe objective of this fund is to provide some income while focusing on long-term capital appreciation. This Fund invests in other London Life funds. It’s appropriate for investors who desire long-term capital appreciation with some income. Its target mix is 80% equity and 20% fi xed income investments.


$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


$18,777$18,215



Fund* 3.63% 5.75% 7.96% 12.37% 11.88% 8.85% 6.50%Benchmark 3.35% 4.69% 8.31% 11.63% 10.89% 7.94% 6.18%



Fund* 5.75% 10.21% 21.76% 10.40% -2.48% 11.23%Benchmark 4.69% 12.05% 18.57% 8.72% -3.12% 11.96%


Composition � Canadian equity 40.0%


� Fixed income 20.0%

Top holdings as at December 31, 2015 Canadian Bond Fund (Portico) . . . . . . . . . . . . . . 14.0%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 10.0%Canadian Equity Fund (GWLIM) . . . . . . . . . . . . . 9.0%U.S. Value Equity Fund (London Capital) . . . . . . 9.0%Global Value Fund (Mackenzie) . . . . . . . . . . . . . 7.0%American Growth Fund (AGF) . . . . . . . . . . . . . . 5.5%Dividend Fund (GWLIM) . . . . . . . . . . . . . . . . . . . 5.0%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 5.0%Canadian Equity Fund (Laketon) . . . . . . . . . . . . 4.0%Canadian Value Fund (Tetrum) . . . . . . . . . . . . . . 4.0%Emerging Markets Fund (Mackenzie) . . . . . . . . . 4.0%Global Equity Fund (Setanta) . . . . . . . . . . . . . . . 4.0%International Opportunity Fund (JPMorgan) . . . . 4.0%International Equity Fund (Setanta) . . . . . . . . . . 3.5%Canadian Value Fund (FGP) . . . . . . . . . . . . . . . . 3.0%Commercial Mortgage Fund (Portico) . . . . . . . . . 3.0%Global Small Cap Growth Fund (Mackenzie) . . . 3.0%International Bond Fund (Brandywine) . . . . . . . . 3.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Advanced Portfolio Fund (PSG)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: LAGPOAsset class: Asset allocationAsset category: AggressiveFund inception date: March 2000Segregated fund size: $506.4 millionUnderlying fund: n/aUnderlying fund size: n/a


0.039% 0.039% 0.039%


Low High






Fund objectiveThe objective of this Fund is to provide long-term capital appreciation. This Fund invests in other London Life funds. It’s appropriate for investors with a long-term investment horizon who are unconcerned with short-term volatility. The Fund’s target mix is 100% equities.

Historical performance as at December 31, 2015This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 50% S&P/TSX Composite Index, 50% MSCI World Index

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


$18,776$18,434



Fund* 4.49% 6.47% 8.45% 14.59% 13.88% 9.59% 6.50%Benchmark 3.94% 4.92% 8.81% 13.66% 12.71% 8.64% 6.31%



Fund* 6.47% 10.46% 27.93% 11.80% -6.01% 12.32%Benchmark 4.92% 12.85% 24.01% 9.93% -6.24% 13.11%




Top holdings as at December 31, 2015 Canadian Equity Fund (GWLIM) . . . . . . . . . . . . . 10.0%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 10.0%American Growth Fund (AGF) . . . . . . . . . . . . . . 9.0%U.S. Value Equity Fund (London Capital) . . . . . . 9.0%Global Value Fund (Mackenzie) . . . . . . . . . . . . . 8.0%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 8.0%Canadian Equity Fund (Laketon) . . . . . . . . . . . . 7.0%Canadian Value Fund (Tetrum) . . . . . . . . . . . . . . 6.0%International Opportunity Fund (JPMorgan) . . . . 5.5%Canadian Value Fund (FGP) . . . . . . . . . . . . . . . . 5.0%Emerging Markets Fund (Mackenzie) . . . . . . . . . 5.0%Global Equity Fund (Setanta) . . . . . . . . . . . . . . . 5.0%Global Small Cap Growth Fund (Mackenzie) . . . 4.5%Dividend Fund (GWLIM) . . . . . . . . . . . . . . . . . . . 4.0%International Equity Fund (Setanta) . . . . . . . . . . 4.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Aggressive Portfolio Fund (PSG)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: CAD10Asset class: Asset allocationAsset category: LifecycleFund inception date: October 2006Segregated fund size: $14.5 millionUnderlying fund: n/aUnderlying fund size: n/a


0.040% 0.039% 0.032%


Low High






Fund objectiveTo provide a balanced return of capital growth and current income through to its target date in 2010, by investing primarily in equity and fi xed income funds. This Fund is appropriate for those who target retirement before 2013.


$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000


$16,754$16,010






Fund* 4.47% 9.16% 7.15% 7.04% 6.52% 7.41%Benchmark 4.09% 10.24% 6.50% 5.91% 3.96% 9.22%






Cadence 2010 Retirement Fund (PSG)

Asset allocation

LIPPER




0.040% 0.039% 0.038%


Low High






Fund objectiveTo provide a balanced return of capital growth and current income through to its target date in 2015, by investing primarily in equity and fi xed income funds. This Fund is appropriate for those who target retirement between 2013 and 2017.


$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000


$16,617$15,806






Fund* 4.53% 9.28% 8.29% 7.60% 5.60% 8.13%Benchmark 4.10% 10.35% 7.54% 6.36% 2.55% 9.94%






Cadence 2015 Fund (PSG)

Asset allocation

LIPPER




0.039% 0.038% 0.037%


Low High








$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000


$16,874

$15,886






Fund* 5.23% 9.40% 11.55% 8.08% 4.25% 8.75%Benchmark 4.26% 10.81% 10.11% 7.08% 0.76% 10.62%





Top holdings as at December 31, 2015 Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 20.1%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 18.1%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 7.8%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 7.6%U.S. Value Equity Fund (London Capital) . . . . . . 5.9%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 4.4%Global Infrastructure Equity Fund (London Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4%Canadian Equity Fund (London Capital) . . . . . . . 4.3%Canadian All Cap Value Fund (Mackenzie) . . . . 4.1%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 4.0%Canadian Dividend Fund (GWLIM) . . . . . . . . . . . 3.7%International Bond Fund (Brandywine) . . . . . . . . 3.7%International Growth Fund (Mackenzie) . . . . . . . 3.0%U.S. Dividend Fund (GWLIM) . . . . . . . . . . . . . . . 2.4%International Equity Fund (Setanta) . . . . . . . . . . 2.1%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 1.8%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 1.4%American Growth Fund (AGF) . . . . . . . . . . . . . . 1.2%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER




0.038% 0.037% 0.036%


Low High








$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


$17,239

$15,960






Fund* 6.35% 9.39% 14.53% 8.63% 3.05% 9.23%Benchmark 4.41% 11.23% 12.45% 7.67% -0.71% 11.16%





Top holdings as at December 31, 2015 Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 16.2%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 14.4%U.S. Value Equity Fund (London Capital) . . . . . . 8.1%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 7.2%Canadian Equity Fund (London Capital) . . . . . . . 6.1%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 6.1%International Equity Fund (Setanta) . . . . . . . . . . 5.3%Canadian All Cap Value Fund (Mackenzie) . . . . 4.7%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 4.0%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 3.9%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 3.4%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 3.3%International Bond Fund (Brandywine) . . . . . . . . 3.2%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 3.0%International Growth Fund (Mackenzie) . . . . . . . 3.0%American Growth Fund (AGF) . . . . . . . . . . . . . . 2.5%Global Infrastructure Equity Fund (London Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 1.6%Canadian Dividend Fund (GWLIM) . . . . . . . . . . . 1.5%U.S. Dividend Fund (GWLIM) . . . . . . . . . . . . . . . 0.8%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER




0.039% 0.037% 0.035%


Low High








$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


$17,487

$16,012






Fund* 6.80% 9.59% 16.84% 9.44% 2.01% 9.64%Benchmark 4.53% 11.58% 14.45% 8.18% -1.97% 11.64%





Top holdings as at December 31, 2015 Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 13.7%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 11.8%U.S. Value Equity Fund (London Capital) . . . . . . 9.0%Canadian Equity Fund (London Capital) . . . . . . . 7.6%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 7.5%International Equity Fund (Setanta) . . . . . . . . . . 6.2%Canadian All Cap Value Fund (Mackenzie) . . . . 5.9%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 4.9%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 4.9%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 4.6%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 4.5%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 4.2%American Growth Fund (AGF) . . . . . . . . . . . . . . 3.9%International Growth Fund (Mackenzie) . . . . . . . 3.3%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 3.2%International Bond Fund (Brandywine) . . . . . . . . 2.7%Corporate Bond Fund (Portico) . . . . . . . . . . . . . . 1.2%Emerging Markets Fund (Mackenzie) . . . . . . . . . 0.9%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER




0.040% 0.037% 0.035%


Low High








$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


$17,575

$16,023






Fund* 6.71% 9.28% 18.95% 10.18% 1.12% 10.09%Benchmark 4.63% 11.88% 16.20% 8.61% -3.10% 12.04%





Top holdings as at December 31, 2015 International Bond Fund (Brandywine) . . . . . . . . 2.2%Emerging Markets Fund (Mackenzie) . . . . . . . . . 1.8%Canadian Resource Fund (Mackenzie) . . . . . . . 1.5%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 11.4%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 9.2%U.S. Value Equity Fund (London Capital) . . . . . . 9.2%Canadian Equity Fund (London Capital) . . . . . . . 8.3%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 8.3%Canadian All Cap Value Fund (Mackenzie) . . . . 6.0%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 5.9%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 5.8%International Equity Fund (Setanta) . . . . . . . . . . 5.4%American Growth Fund (AGF) . . . . . . . . . . . . . . 4.9%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 4.8%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 4.4%International Growth Fund (Mackenzie) . . . . . . . 3.8%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 3.6%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 3.5%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER




0.042% 0.038% 0.036%


Low High








$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


$17,431

$16,049






Fund* 6.47% 8.87% 20.31% 10.33% -0.23% 11.10%Benchmark 4.71% 12.15% 17.78% 9.00% -4.04% 12.40%


Composition � Foreign equity 40.4%



Top holdings as at December 31, 2015 Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 9.4%U.S. Value Equity Fund (London Capital) . . . . . . 9.3%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 8.8%Canadian Equity Fund (London Capital) . . . . . . . 8.6%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 6.8%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 6.8%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 6.5%American Growth Fund (AGF) . . . . . . . . . . . . . . 5.9%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 5.6%Canadian All Cap Value Fund (Mackenzie) . . . . 5.0%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 4.8%International Growth Fund (Mackenzie) . . . . . . . 4.6%International Equity Fund (Setanta) . . . . . . . . . . 4.4%Canadian Resource Fund (Mackenzie) . . . . . . . 3.9%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 3.5%Emerging Markets Fund (Mackenzie) . . . . . . . . . 2.9%International Bond Fund (Brandywine) . . . . . . . . 2.0%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 1.2%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER




0.042% 0.038% 0.036%


Low High








$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


$17,285

$16,077






Fund* 6.34% 8.75% 21.21% 10.28% -1.39% 11.93%Benchmark 4.78% 12.38% 19.13% 9.33% -4.86% 12.68%





Top holdings as at December 31, 2015 U.S. Value Equity Fund (London Capital) . . . . . . 9.7%Canadian Equity Fund (London Capital) . . . . . . . 9.5%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 9.1%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 7.4%American Growth Fund (AGF) . . . . . . . . . . . . . . 6.7%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 6.5%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 6.5%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 6.2%Canadian Resource Fund (Mackenzie) . . . . . . . 5.4%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 5.1%International Growth Fund (Mackenzie) . . . . . . . 5.1%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 5.1%Canadian All Cap Value Fund (Mackenzie) . . . . 4.5%International Equity Fund (Setanta) . . . . . . . . . . 4.0%Emerging Markets Fund (Mackenzie) . . . . . . . . . 3.8%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 3.6%International Bond Fund (Brandywine) . . . . . . . . 1.8%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER




0.042% 0.038% 0.036%


Low High








$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


$17,151$16,062






Fund* 6.27% 8.57% 21.94% 10.30% -2.26% 12.59%Benchmark 4.83% 12.57% 20.23% 9.59% -5.51% 12.89%





Top holdings as at December 31, 2015 Canadian Equity Fund (London Capital) . . . . . . . 10.7%U.S. Value Equity Fund (London Capital) . . . . . . 10.1%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 9.1%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 7.9%American Growth Fund (AGF) . . . . . . . . . . . . . . 7.1%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 6.8%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 6.4%Canadian Resource Fund (Mackenzie) . . . . . . . 5.9%International Growth Fund (Mackenzie) . . . . . . . 5.7%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 5.4%Canadian All Cap Value Fund (Mackenzie) . . . . 4.5%Emerging Markets Fund (Mackenzie) . . . . . . . . . 4.2%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 4.0%International Equity Fund (Setanta) . . . . . . . . . . 4.0%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 3.8%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 3.7%International Bond Fund (Brandywine) . . . . . . . . 0.7%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: CAD55Asset class: Asset allocationAsset category: LifecycleFund inception date: November 2012Segregated fund size: $15.8 millionUnderlying fund: n/aUnderlying fund size: n/a


0.042% 0.038% 0.037%Investment advisorPortfolio Solutions GroupWho is Portfolio Solutions Group?• Portfolio Solutions Group is a division





Fund objectiveTo provide a balanced return of capital growth and current income through to its target date in 2055, by investing primarily in equity and fi xed income funds. This Fund is appropriate for those who target retirement after 2052.


$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

Dec12 Dec13 Dec14 Dec15

$14,483$14,619



Fund* 3.74% 6.36% 7.42% 12.27% n/a n/a n/aBenchmark 3.83% 4.88% 8.73% 12.75% n/a n/a n/a



Fund* 6.36% 8.49% 22.62% n/a n/a n/aBenchmark 4.88% 12.73% 21.24% n/a n/a n/a





Top holdings as at December 31, 2015 Canadian Equity Fund (London Capital) . . . . . . . 11.3%U.S. Value Equity Fund (London Capital) . . . . . . 10.4%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 9.2%Global Equity Fund (Putnam) . . . . . . . . . . . . . . . 8.0%American Growth Fund (AGF) . . . . . . . . . . . . . . 7.6%Foreign Equity Fund (Mackenzie) . . . . . . . . . . . . 7.0%Canadian Equity Fund (Synergy) . . . . . . . . . . . . 6.5%Canadian Resource Fund (Mackenzie) . . . . . . . 6.3%International Growth Fund (Mackenzie) . . . . . . . 6.3%Mid Cap Canada Fund (GWLIM) . . . . . . . . . . . . 5.8%Emerging Markets Fund (Mackenzie) . . . . . . . . . 4.6%Canadian All Cap Value Fund (Mackenzie) . . . . 4.5%Canadian Equity Fund (FIAM) . . . . . . . . . . . . . . . 4.4%International Equity Fund (Setanta) . . . . . . . . . . 4.0%Core Plus Bond Fund (Portico) . . . . . . . . . . . . . . 2.1%Core Bond Fund (Portico) . . . . . . . . . . . . . . . . . . 2.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: SRBALAsset class: Asset allocationAsset category: BalancedFund inception date: January 2014Segregated fund size: $6.7 millionUnderlying fund: n/aUnderlying fund size: n/a


0.083% 0.463% n/aInvestment advisorGWL Investment Management Ltd.Who is GWL Investment Management Ltd.?• a division GLC Asset Management

Group Ltd. (GLC)• Canadian portfolio management

subsidiary of The Great-West Life Assurance Company

• Offers a broad range of investment mandates through four distinct investment management divisions: GWL Investment Management (GWLIM), London Capital Management (London Capital), Laketon Investment Management (Laketon) and Portico Investment Management (Portico)

• $38.00 billion in assets under management as of December 31, 2014

Investment management styleThe Fund invests primarily in units of Underlying Funds. The Underlying Funds invest in a diversifi ed portfolio of securities in accordance with the investment strategy described in the Investment Policy Statement of each Underlying Fund. The Fund’s primary focus is to provide a balanced return of capital growth and current income.

Fund objectiveThe Fund seeks to provide a balanced return of capital growth and current income by investing primarily in units of investment funds (the Underlying Funds).

Historical performance as at December 31, 2015This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 45% FTSE TMX Canada Universe Bond Index, 30% S&P/TSX Composite Index, 25% MSCI EAFE Index

$10,000

$10,500

$11,000

$11,500

$12,000

Dec14 Dec15

$11,457$11,361



Fund* 3.67% 5.12% n/a n/a n/a n/a n/aBenchmark 2.47% 4.29% 7.53% 8.63% 8.26% 7.02% 5.76%



Fund* 5.12% n/a n/a n/a n/a n/aBenchmark 4.29% 10.87% 10.87% 7.18% 2.18% 9.66%





Top holdings as at December 31, 2015 Ethics Fund (GWLIM) . . . . . . . . . . . . . . . . . . . . . 35.0%SRI Bond Fund (Portico) . . . . . . . . . . . . . . . . . . . 35.0%SRI Global Equity Fund (Setanta) . . . . . . . . . . . . 30.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

SRI Balanced Fund (GWLIM)

Asset allocation

LIPPER


Fund factsas at December 31, 2015Fund code: SRMERAsset class: BalancedAsset category: Canadian BalancedFund inception date: January 2003Segregated fund size: $25.9 millionUnderlying fund: n/aUnderlying fund size: n/a


0.068% 0.201% 0.334%


Low High

Risk within fund asset classInvestment advisorMeritas SRI FundsWho is Meritas SRI Funds?• Established in 2000• Through a merger in 2010 became a

division of OceanRock Investments Inc., a subsidiary of Qtrade Financial Group

• Focused exclusively on socially responsible investing (SRI)

• $964 million in assets under management as at December 31, 2014

Investment management styleThe equity portion of this Fund invests only in companies that don’t engage in the manufacture of tobacco, alcohol, military, nuclear, gaming, and pornography products. It favours companies with progressive environmental, diversity and human rights records.

Fund objectiveTo achieve long-term capital appreciation through socially responsible investing with conservative risk. This Fund invests in Meritas Financial fi xed income and equity funds and in London Life segregated funds.


$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000

$18,000


$17,474$17,104



Fund* 2.14% 5.76% 7.29% 6.86% 6.99% 6.54% 5.74%Benchmark 2.05% 3.54% 6.99% 6.76% 6.52% 5.78% 5.51%



Fund* 5.76% 8.85% 5.99% 7.40% 4.76% 7.06%Benchmark 3.54% 10.55% 6.31% 5.81% 2.84% 10.13%





Top holdings as at December 31, 2015 Socially Responsible Bond Fund (Meritas) . . . . . 35.0%Mortgage Fund (Portico) . . . . . . . . . . . . . . . . . . . 20.0%Socially Responsible Cdn Equity Fund (Meritas) 15.0%Real Estate Fund (GWLRA) . . . . . . . . . . . . . . . . 10.0%Socially Responsible Int’l Equity Fund (Meritas) . 10.0%Socially Responsible U.S. Equity Fund (Meritas) 10.0%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%

Socially Responsible Asset Allocation Fund (Meritas)

Balanced

LIPPER


Fund factsas at December 31, 2015Fund code: LLEGAsset class: Canadian equityAsset category: Canadian EquityFund inception date: December 2000Segregated fund size: $76.7 millionUnderlying fund: n/aUnderlying fund size: n/a


0.033% 0.033% 0.032%


Low High

Risk within fund asset class

Equity style and capitalization overview

Value Core/GARP GrowthLargeMidSmall

Investment advisorGLC Asset Management Group Ltd. (GLC)Who is GLC Asset Management Group Ltd. (GLC)?• Canadian portfolio management

subsidiary of The Great-West Life Assurance Company

• Offers a broad range of investment mandates through four distinct investment management divisions: GWL Investment Management (GWLIM), London Capital Management (London Capital), Laketon Investment Management (Laketon) and Portico Investment Management (Portico)

• $38.00 billion in assets under management as of December 31, 2014

Investment management styleThe investment advisor seeks companies with policies and practices refl ecting environmental awareness, progressive labour policies and positive contributions to the communities where they operate. Using a top-down approach, investments are chosen by focusing fi rst on broad economic trends, followed by choosing companies in sectors of the economy that are expected to benefi t from these trends.

Fund objectiveTo provide long-term capital growth with moderate income. The London Life Ethics Fund invests primarily in the shares of publicly traded Canadian companies that conduct their business operations in a socially responsible manner and show strong growth prospects; with some exposure to foreign companies that meet these criteria.

Historical performance as at December 31, 2015This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 100% S&P/TSX Composite Index

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


$17,886

$15,358



Fund* 2.59% -1.82% 5.08% 10.28% 9.29% 6.28% 5.99%Benchmark -1.40% -8.32% 0.68% 4.62% 5.26% 2.30% 4.38%



Fund* -1.82% 12.47% 21.47% 6.36% -4.94% 21.38%Benchmark -8.32% 10.55% 12.99% 7.19% -8.71% 17.61%




� Cash & equivalents 5.7%

� Other 2.2%

Equity industry � Financials 37.5%

� Energy 17.8%

� Information technology 10.4%

� Industrials 9.6%

� Consumer discretionary 9.3%

� Other 15.4%

Geographic split � Canada 87.9%

� United States 11.9%

� Other 0.2%

Top holdings as at December 31, 2015 Toronto-Dominion Bank . . . . . . . . . . . . . . . . . . . . 6.8%Royal Bank of Canada . . . . . . . . . . . . . . . . . . . . 6.5%Bank of Nova Scotia . . . . . . . . . . . . . . . . . . . . . . 4.6%Canadian National Railway Co . . . . . . . . . . . . . . 3.7%Suncor Energy Inc . . . . . . . . . . . . . . . . . . . . . . . . 3.2%Brookfi eld Asset Management Inc. . . . . . . . . . . . 3.2%Manulife Financial Corp . . . . . . . . . . . . . . . . . . . 2.9%Keyera Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9%Canadian Imperial Bank of Commerce . . . . . . . . 2.8%CIndustries Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5%Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.1%

Ethics Fund (GWLIM)

Canadian equity

LIPPER

Cash & equivalents

Guaranteed investments

What are guaranteed investments?Guaranteed investments earn a predetermined guaranteed rate of interest for a fixed period of time, or for the term of the investment. The principal and interest earned are therefore protected against fluctuations in investment markets or economic conditions.

Investment terms• Daily interest account (DIA)• Guaranteed interest accounts (GIA)

for one-, two-, three-, four- or five-year terms. Your plan may offer different time periods.

Investment risk

Investment informationThe rate is guaranteed by London Life Insurance Company. It’s based on the term selected and reflects market conditions at the time of purchase. Subject to the terms of your plan:

• The rate applied to the principal won’t change over the term, even if interest rates change in the marketplace.

• Guaranteed interest accounts earn a guaranteed interest rate and therefore add security to an investment portfolio. Because the term and interest rate are set on the deposit date, the exact return on an investment is known in advance, assuming it’s held to the end of the term.

• While investments are designed to be held until maturity, they can be redeemed before the maturity date. In those cases a market value adjustment may be made, according to the terms of the plan.

A daily interest account (DIA) is typically a short-term investment and not viewed as an optimal choice for long-term investing. You can use a DIA as a temporary holding account, while you’re deciding on an investment option suitable for long-term savings goals.

Guaranteed ratesPlease refer to your plan for details on guaranteed interest rates and terms. The guaranteed interest rates and terms can also be found on GRS Access. Go to www.grsaccess.com > Investments > Net unit values & rates. Select your plan and look for Cash and Equivalent Funds.

Investment protectionThe principal and interest earned are backed by London Life Insurance Company. London Life is a member of Assuris, a not-for-profit corporation funded by the life insurance industry. Assuris protects Canadian policyholders against loss of benefits due to the financial failure of a member company. Details about the extent of Assuris’ protection are available at www.assuris.ca. For a printed brochure call 1-866-878-1225 or email [email protected].

This report is intended for reference only and does not constitute investment advice or a recommendation. Great-West Life and the key design are trademarks of The Great-West Life Assurance Company (Great-West Life), used under licence by its subsidiaries, London Life Insurance Company (London Life) and The Canada Life Assurance Company (Canada Life). Group retirement, savings and payout annuity products are issued by London Life and Canada Life respectively, and marketed and serviced by Great-West LIfe.

99-0973-A-9/15

Investment details

Low High

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